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GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Tables) | 6 Months Ended
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Jul. 01, 2017
GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION |
Condensed Consolidated Statements of Earnings | CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS For the Thirteen weeks ended July 1, 2017
| Parent |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total
Net sales | $ | 316,185 |  |  | $ | 122,359 |  |  | $ | 328,016 |  |  | $ | (53,823 | ) |  | $ | 712,737 |
Cost of sales | 233,535 |  |  | 91,374 |  |  | 259,158 |  |  | (54,610 | ) |  | 529,457 |
Gross profit | 82,650 |  |  | 30,985 |  |  | 68,858 |  |  | 787 |  |  | 183,280 |
Selling, general and administrative expenses | 46,922 |  |  | 11,849 |  |  | 46,219 |  |  | — |  |  | 104,990 |
Operating income | 35,728 |  |  | 19,136 |  |  | 22,639 |  |  | 787 |  |  | 78,290 |
Other income (expense): |  |  |  |  |  |  |  |  |
Interest expense | (10,646 | ) |  | (3,785 | ) |  | (172 | ) |  | 3,785 |  |  | (10,818 | )
Interest income | 144 |  |  | 10 |  |  | 4,598 |  |  | (3,785 | ) |  | 967 |
Other | 1,167 |  |  | 15 |  |  | (1,214 | ) |  | — |  |  | (32 | )
| (9,335 | ) |  | (3,760 | ) |  | 3,212 |  |  | — |  |  | (9,883 | )
Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries | 26,393 |  |  | 15,376 |  |  | 25,851 |  |  | 787 |  |  | 68,407 |
Income tax expense (benefit): |  |  |  |  |  |  |  |  |
Current | 15,344 |  |  | 4,782 |  |  | 7,444 |  |  | 233 |  |  | 27,803 |
Deferred | (5,788 | ) |  | — |  |  | (930 | ) |  | — |  |  | (6,718 | )
| 9,556 |  |  | 4,782 |  |  | 6,514 |  |  | 233 |  |  | 21,085 |
Earnings before equity in earnings of nonconsolidated subsidiaries | 16,837 |  |  | 10,594 |  |  | 19,337 |  |  | 554 |  |  | 47,322 |
Equity in earnings of nonconsolidated subsidiaries | 28,827 |  |  | 6,296 |  |  | — |  |  | (35,123 | ) |  | — |
Net earnings | 45,664 |  |  | 16,890 |  |  | 19,337 |  |  | (34,569 | ) |  | 47,322 |
Less: Earnings attributable to noncontrolling interests | — |  |  | — |  |  | (1,658 | ) |  | — |  |  | (1,658 | )
Net earnings attributable to Valmont Industries, Inc | $ | 45,664 |  |  | $ | 16,890 |  |  | $ | 17,679 |  |  | $ | (34,569 | ) |  | $ | 45,664 |
(8) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS For the Twenty-six Weeks Ended July 1, 2017
| Parent |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total
Net sales | $ | 609,450 |  |  | $ | 239,584 |  |  | $ | 623,312 |  |  | $ | (122,136 | ) |  | $ | 1,350,210 |
Cost of sales | 450,021 |  |  | 182,863 |  |  | 491,648 |  |  | (122,207 | ) |  | 1,002,325 |
Gross profit | 159,429 |  |  | 56,721 |  |  | 131,664 |  |  | 71 |  |  | 347,885 |
Selling, general and administrative expenses | 97,139 |  |  | 23,509 |  |  | 84,445 |  |  | — |  |  | 205,093 |
Operating income | 62,290 |  |  | 33,212 |  |  | 47,219 |  |  | 71 |  |  | 142,792 |
Other income (expense): |  |  |  |  |  |  |  |  |
Interest expense | (21,788 | ) |  | (6,051 | ) |  | (334 | ) |  | 6,051 |  |  | (22,122 | )
Interest income | 295 |  |  | 24 |  |  | 7,626 |  |  | (6,051 | ) |  | 1,894 |
Other | 2,521 |  |  | 31 |  |  | (1,385 | ) |  | — |  |  | 1,167 |
| (18,972 | ) |  | (5,996 | ) |  | 5,907 |  |  | — |  |  | (19,061 | )
Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries | 43,318 |  |  | 27,216 |  |  | 53,126 |  |  | 71 |  |  | 123,731 |
Income tax expense (benefit): |  |  |  |  |  |  |  |  |
Current | 10,457 |  |  | 10,102 |  |  | 8,553 |  |  | (11 | ) |  | 29,101 |
Deferred | 5,539 |  |  | — |  |  | 1,808 |  |  | — |  |  | 7,347 |
| 15,996 |  |  | 10,102 |  |  | 10,361 |  |  | (11 | ) |  | 36,448 |
Earnings before equity in earnings of nonconsolidated subsidiaries | 27,322 |  |  | 17,114 |  |  | 42,765 |  |  | 82 |  |  | 87,283 |
Equity in earnings of nonconsolidated subsidiaries | 57,321 |  |  | 5,316 |  |  | — |  |  | (62,637 | ) |  | — |
Net earnings | 84,643 |  |  | 22,430 |  |  | 42,765 |  |  | (62,555 | ) |  | 87,283 |
Less: Earnings attributable to noncontrolling interests | — |  |  | — |  |  | (2,640 | ) |  | — |  |  | (2,640 | )
Net earnings attributable to Valmont Industries, Inc | $ | 84,643 |  |  | $ | 22,430 |  |  | $ | 40,125 |  |  | $ | (62,555 | ) |  | $ | 84,643 |
Condensed Consolidated Statements of Comprehensive Income | CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME For the Thirteen weeks ended July 1, 2017
| Parent |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total
Net earnings | $ | 45,664 |  |  | $ | 16,890 |  |  | $ | 19,337 |  |  | $ | (34,569 | ) |  | $ | 47,322 |
Other comprehensive income (loss), net of tax: |  |  |  |  |  |  |  |  |
Foreign currency translation adjustments: |  |  |  |  |  |  |  |  |
Unrealized translation gain (loss) | — |  |  | (1,359 | ) |  | 22,910 |  |  | — |  |  | 21,551 |
Unrealized gain/(loss) on hedging activities: |  |  |  |  |  |  |  |  |
Net investment hedge | (550 | ) |  | — |  |  | — |  |  | — |  |  | (550 | )
Amortization cost included in interest expense | 18 |  |  | — |  |  | — |  |  | — |  |  | 18 |
Equity in other comprehensive income | 20,986 |  |  | — |  |  | — |  |  | (20,986 | ) |  | — |
Other comprehensive income (loss) | 20,454 |  |  | (1,359 | ) |  | 22,910 |  |  | (20,986 | ) |  | 21,019 |
Comprehensive income (loss) | 66,118 |  |  | 15,531 |  |  | 42,247 |  |  | (55,555 | ) |  | 68,341 |
Comprehensive income attributable to noncontrolling interests | — |  |  | — |  |  | (2,223 | ) |  | — |  |  | (2,223 | )
Comprehensive income (loss) attributable to Valmont Industries, Inc. | $ | 66,118 |  |  | $ | 15,531 |  |  | $ | 40,024 |  |  | $ | (55,555 | ) |  | $ | 66,118 |
(8) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME For the Twenty-six Weeks Ended July 1, 2017
| Parent |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total
Net earnings | $ | 84,643 |  |  | $ | 22,430 |  |  | $ | 42,765 |  |  | $ | (62,555 | ) |  | $ | 87,283 |
Other comprehensive income (loss), net of tax: |  |  |  |  |  |  |  |  |
Foreign currency translation adjustments: |  |  |  |  |  |  |  |  |
Unrealized translation gain (loss) | — |  |  | 68,024 |  |  | (27,083 | ) |  | — |  |  | 40,941 |
Unrealized gain/(loss) on hedging activities: |  |  |  |  |  |  |  |  |
Net investment hedge | (1,076 | ) |  |  |  | — |  |  | — |  |  | (1,076 | )
Amortization cost included in interest expense | 37 |  |  | — |  |  | — |  |  | — |  |  | 37 |
Equity in other comprehensive income | 41,599 |  |  | — |  |  | — |  |  | (41,599 | ) |  | — |
Other comprehensive income (loss) | 40,560 |  |  | 68,024 |  |  | (27,083 | ) |  | (41,599 | ) |  | 39,902 |
Comprehensive income (loss) | 125,203 |  |  | 90,454 |  |  | 15,682 |  |  | (104,154 | ) |  | 127,185 |
Comprehensive income attributable to noncontrolling interests | — |  |  | — |  |  | (1,982 | ) |  | — |  |  | (1,982 | )
Comprehensive income (loss) attributable to Valmont Industries, Inc. | $ | 125,203 |  |  | $ | 90,454 |  |  | $ | 13,700 |  |  | $ | (104,154 | ) |  | $ | 125,203 |
(8) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME For the Thirteen weeks ended June 25, 2016
| Parent |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total
Net earnings | $ | 42,026 |  |  | $ | 16,524 |  |  | $ | 20,888 |  |  | $ | (35,996 | ) |  | $ | 43,442 |
Other comprehensive income (loss), net of tax: |  |  |  |  |  |  |  |  |
Foreign currency translation adjustments: |  |  |  |  |  |  |  |  |
Unrealized translation gain (loss) | 2,925 |  |  | 29 |  |  | (5,250 | ) |  | — |  |  | (2,296 | )
Unrealized gain/(loss) on hedging activities: |  |  |  |  |  |  |  |  |
Amortization cost included in interest expense | 19 |  |  | — |  |  | — |  |  | — |  |  | 19 |
Equity in other comprehensive income | (5,592 | ) |  | — |  |  | — |  |  | 5,592 |  |  | — |
Other comprehensive income (loss) | (2,648 | ) |  | 29 |  |  | (5,250 | ) |  | 5,592 |  |  | (2,277 | )
Comprehensive income (loss) | 39,378 |  |  | 16,553 |  |  | 15,638 |  |  | (30,404 | ) |  | 41,165 |
Comprehensive income attributable to noncontrolling interests | — |  |  | — |  |  | (1,787 | ) |  | — |  |  | (1,787 | )
Comprehensive income (loss) attributable to Valmont Industries, Inc. | $ | 39,378 |  |  | $ | 16,553 |  |  | $ | 13,851 |  |  | $ | (30,404 | ) |  | $ | 39,378 |
(8) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME For the Twenty-six Weeks Ended June 25, 2016
| Parent |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total
Net earnings | $ | 74,995 |  |  | $ | 26,187 |  |  | $ | 32,539 |  |  | $ | (56,108 | ) |  | $ | 77,613 |
Other comprehensive income (loss), net of tax: |  |  |  |  |  |  |  |  |
Foreign currency translation adjustments: |  |  |  |  |  |  |  |  |
Unrealized translation gain (loss) | 2,925 |  |  | (149 | ) |  | (2,559 | ) |  | — |  |  | 217 |
Unrealized gain/(loss) on hedging activities: |  |  |  |  |  |  |  |  |
Amortization cost included in interest expense | 38 |  |  | — |  |  | — |  |  | — |  |  | 38 |
Equity in other comprehensive income | (1,279 | ) |  | — |  |  | — |  |  | 1,279 |  |  | — |
Other comprehensive income (loss) | 1,684 |  |  | (149 | ) |  | (2,559 | ) |  | 1,279 |  |  | 255 |
Comprehensive income (loss) | 76,679 |  |  | 26,038 |  |  | 29,980 |  |  | (54,829 | ) |  | 77,868 |
Comprehensive income attributable to noncontrolling interests | — |  |  | — |  |  | (4,114 | ) |  | — |  |  | (4,114 | )
Comprehensive income (loss) attributable to Valmont Industries, Inc. | $ | 76,679 |  |  | $ | 26,038 |  |  | $ | 25,866 |  |  | $ | (54,829 | ) |  | $ | 73,754 |
Condensed Consolidated Balance Sheets | CONDENSED CONSOLIDATED BALANCE SHEETS July 1, 2017
| Parent |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total
ASSETS |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 94,099 |  |  | $ | 4,422 |  |  | $ | 349,701 |  |  | $ | — |  |  | $ | 448,222 |
Receivables, net | 144,846 |  |  | 80,026 |  |  | 272,090 |  |  | — |  |  | 496,962 |
Inventories | 137,534 |  |  | 43,536 |  |  | 205,800 |  |  | (4,222 | ) |  | 382,648 |
Prepaid expenses, restricted cash, and other assets | 6,141 |  |  | 814 |  |  | 36,590 |  |  | — |  |  | 43,545 |
Refundable income taxes | 4,830 |  |  | — |  |  | — |  |  | — |  |  | 4,830 |
Total current assets | 387,450 |  |  | 128,798 |  |  | 864,181 |  |  | (4,222 | ) |  | 1,376,207 |
Property, plant and equipment, at cost | 554,027 |  |  | 156,700 |  |  | 437,755 |  |  | — |  |  | 1,148,482 |
Less accumulated depreciation and amortization | 364,591 |  |  | 81,154 |  |  | 182,630 |  |  | — |  |  | 628,375 |
Net property, plant and equipment | 189,436 |  |  | 75,546 |  |  | 255,125 |  |  | — |  |  | 520,107 |
Goodwill | 20,108 |  |  | 110,562 |  |  | 199,038 |  |  | — |  |  | 329,708 |
Other intangible assets | 157 |  |  | 33,454 |  |  | 107,946 |  |  | — |  |  | 141,557 |
Investment in subsidiaries and intercompany accounts | 1,367,336 |  |  | 1,155,599 |  |  | 1,021,205 |  |  | (3,544,140 | ) |  | — |
Other assets | 47,042 |  |  | — |  |  | 108,541 |  |  | — |  |  | 155,583 |
Total assets | $ | 2,011,529 |  |  | $ | 1,503,959 |  |  | $ | 2,556,036 |  |  | $ | (3,548,362 | ) |  | $ | 2,523,162 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |
Current installments of long-term debt | $ | — |  |  | $ | — |  |  | $ | 921 |  |  | $ | — |  |  | $ | 921 |
Notes payable to banks | — |  |  | — |  |  | 376 |  |  | — |  |  | 376 |
Accounts payable | 55,029 |  |  | 10,891 |  |  | 127,167 |  |  | — |  |  | 193,087 |
Accrued employee compensation and benefits | 33,624 |  |  | 6,088 |  |  | 29,232 |  |  | — |  |  | 68,944 |
Accrued expenses | 33,217 |  |  | 10,745 |  |  | 58,285 |  |  | — |  |  | 102,247 |
Dividends payable | 8,472 |  |  | — |  |  | — |  |  | — |  |  | 8,472 |
Total current liabilities | 130,342 |  |  | 27,724 |  |  | 215,981 |  |  | — |  |  | 374,047 |
Deferred income taxes | 18,958 |  |  | — |  |  | 13,684 |  |  | — |  |  | 32,642 |
Long-term debt, excluding current installments | 751,041 |  |  | 182,193 |  |  | 10,057 |  |  | (188,855 | ) |  | 754,436 |
Defined benefit pension liability | — |  |  | — |  |  | 194,517 |  |  | — |  |  | 194,517 |
Deferred compensation | 42,492 |  |  | — |  |  | 5,307 |  |  | — |  |  | 47,799 |
Other noncurrent liabilities | 4,447 |  |  | 5 |  |  | 12,823 |  |  | — |  |  | 17,275 |
Shareholders’ equity: |  |  |  |  |  |  |  |  |
Common stock of $1 par value | 27,900 |  |  | 457,950 |  |  | 648,682 |  |  | (1,106,632 | ) |  | 27,900 |
Additional paid-in capital | — |  |  | 163,199 |  |  | 1,107,536 |  |  | (1,270,735 | ) |  | — |
Retained earnings | 1,945,874 |  |  | 669,177 |  |  | 617,796 |  |  | (1,286,973 | ) |  | 1,945,874 |
Accumulated other comprehensive income (loss) | (305,799 | ) |  | 3,711 |  |  | (308,544 | ) |  | 304,833 |  |  | (305,799 | )
Treasury stock | (603,726 | ) |  | — |  |  | — |  |  | — |  |  | (603,726 | )
Total Valmont Industries, Inc. shareholders’ equity | 1,064,249 |  |  | 1,294,037 |  |  | 2,065,470 |  |  | (3,359,507 | ) |  | 1,064,249 |
Noncontrolling interest in consolidated subsidiaries | — |  |  | — |  |  | 38,197 |  |  | — |  |  | 38,197 |
Total shareholders’ equity | 1,064,249 |  |  | 1,294,037 |  |  | 2,103,667 |  |  | (3,359,507 | ) |  | 1,102,446 |
Total liabilities and shareholders’ equity | $ | 2,011,529 |  |  | $ | 1,503,959 |  |  | $ | 2,556,036 |  |  | $ | (3,548,362 | ) |  | $ | 2,523,162 |
(8) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED BALANCE SHEETS December 31, 2016
| Parent |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total
ASSETS |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 67,225 |  |  | $ | 6,071 |  |  | $ | 326,652 |  |  | $ | — |  |  | $ | 399,948 |
Receivables, net | 134,351 |  |  | 60,522 |  |  | 244,469 |  |  | — |  |  | 439,342 |
Inventories | 126,669 |  |  | 45,457 |  |  | 182,056 |  |  | (4,154 | ) |  | 350,028 |
Prepaid expenses | 13,271 |  |  | 880 |  |  | 43,146 |  |  | — |  |  | 57,297 |
Refundable income taxes | 6,601 |  |  | — |  |  | — |  |  | — |  |  | 6,601 |
Total current assets | 348,117 |  |  | 112,930 |  |  | 796,323 |  |  | (4,154 | ) |  | 1,253,216 |
Property, plant and equipment, at cost | 547,076 |  |  | 153,596 |  |  | 405,064 |  |  | — |  |  | 1,105,736 |
Less accumulated depreciation and amortization | 352,960 |  |  | 76,776 |  |  | 157,665 |  |  | — |  |  | 587,401 |
Net property, plant and equipment | 194,116 |  |  | 76,820 |  |  | 247,399 |  |  | — |  |  | 518,335 |
Goodwill | 20,108 |  |  | 110,561 |  |  | 190,441 |  |  | — |  |  | 321,110 |
Other intangible assets | 184 |  |  | 35,953 |  |  | 108,241 |  |  | — |  |  | 144,378 |
Investment in subsidiaries and intercompany accounts | 1,279,413 |  |  | 901,758 |  |  | 1,089,369 |  |  | (3,270,540 | ) |  | — |
Other assets | 43,880 |  |  | — |  |  | 110,812 |  |  | — |  |  | 154,692 |
Total assets | $ | 1,885,818 |  |  | $ | 1,238,022 |  |  | $ | 2,542,585 |  |  | $ | (3,274,694 | ) |  | $ | 2,391,731 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |
Current installments of long-term debt | $ | — |  |  | $ | — |  |  | $ | 851 |  |  | $ | — |  |  | $ | 851 |
Notes payable to banks | — |  |  | — |  |  | 746 |  |  | — |  |  | 746 |
Accounts payable | 52,272 |  |  | 15,732 |  |  | 109,484 |  |  | — |  |  | 177,488 |
Accrued employee compensation and benefits | 34,508 |  |  | 7,243 |  |  | 30,653 |  |  | — |  |  | 72,404 |
Accrued expenses | 30,261 |  |  | 15,242 |  |  | 44,411 |  |  | — |  |  | 89,914 |
Dividends payable | 8,445 |  |  | — |  |  | — |  |  | — |  |  | 8,445 |
Total current liabilities | 125,486 |  |  | 38,217 |  |  | 186,145 |  |  | — |  |  | 349,848 |
Deferred income taxes | 22,481 |  |  | — |  |  | 13,322 |  |  | — |  |  | 35,803 |
Long-term debt, excluding current installments | 751,251 |  |  | — |  |  | 3,544 |  |  | — |  |  | 754,795 |
Defined benefit pension liability | — |  |  | — |  |  | 209,470 |  |  | — |  |  | 209,470 |
Deferred compensation | 39,476 |  |  | — |  |  | 4,843 |  |  | — |  |  | 44,319 |
Other noncurrent liabilities | 3,642 |  |  | 5 |  |  | 11,263 |  |  | — |  |  | 14,910 |
Shareholders’ equity: |  |  |  |  |  |  |  |  |  |
Common stock of $1 par value | 27,900 |  |  | 457,950 |  |  | 648,683 |  |  | (1,106,633 | ) |  | 27,900 |
Additional paid-in capital | — |  |  | 159,414 |  |  | 1,107,536 |  |  | (1,266,950 | ) |  | — |
Retained earnings | 1,874,722 |  |  | 646,749 |  |  | 603,338 |  |  | (1,250,087 | ) |  | 1,874,722 |
Accumulated other comprehensive income | (346,359 | ) |  | (64,313 | ) |  | (284,663 | ) |  | 348,976 |  |  | (346,359 | )
Treasury stock | (612,781 | ) |  | — |  |  | — |  |  | — |  |  | (612,781 | )
Total Valmont Industries, Inc. shareholders’ equity | 943,482 |  |  | 1,199,800 |  |  | 2,074,894 |  |  | (3,274,694 | ) |  | 943,482 |
Noncontrolling interest in consolidated subsidiaries | — |  |  | — |  |  | 39,104 |  |  | — |  |  | 39,104 |
Total shareholders’ equity | 943,482 |  |  | 1,199,800 |  |  | 2,113,998 |  |  | (3,274,694 | ) |  | 982,586 |
Total liabilities and shareholders’ equity | $ | 1,885,818 |  |  | $ | 1,238,022 |  |  | $ | 2,542,585 |  |  | $ | (3,274,694 | ) |  | $ | 2,391,731 |
Condensed Consolidated Statements of Cash Flows | CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS For the Twenty-six Weeks Ended July 1, 2017
| Parent |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total
Cash flows from operating activities: |  |  |  |  |  |  |  |  |
Net earnings | $ | 84,643 |  |  | $ | 22,430 |  |  | $ | 42,765 |  |  | $ | (62,555 | ) |  | $ | 87,283 |
Adjustments to reconcile net earnings to net cash flows from operations: |  |  |  |  |  |  |  |  |
Depreciation and amortization | 13,048 |  |  | 7,113 |  |  | 21,593 |  |  | — |  |  | 41,754 |
Noncash loss on trading securities | — |  |  | — |  |  | 188 |  |  | — |  |  | 188 |
Stock-based compensation | 4,590 |  |  | — |  |  | — |  |  | — |  |  | 4,590 |
Defined benefit pension plan expense | — |  |  | — |  |  | 314 |  |  | — |  |  | 314 |
Contribution to defined benefit pension plan | — |  |  | — |  |  | (25,379 | ) |  | — |  |  | (25,379 | )
Decrease in restricted cash - pension plan trust | — |  |  | — |  |  | 12,568 |  |  | — |  |  | 12,568 |
Loss (gain) on sale of property, plant and equipment | (20 | ) |  | — |  |  | (44 | ) |  | — |  |  | (64 | )
Equity in earnings in nonconsolidated subsidiaries | (57,321 | ) |  | (5,316 | ) |  | — |  |  | 62,637 |  |  | — |
Deferred income taxes | 5,539 |  |  | — |  |  | 1,808 |  |  | — |  |  | 7,347 |
Changes in assets and liabilities: |  |  |  |  |  |  |  |  |
Receivables | (8,746 | ) |  | (19,504 | ) |  | (21,166 | ) |  | — |  |  | (49,416 | )
Inventories | (10,866 | ) |  | 1,921 |  |  | (16,087 | ) |  | 69 |  |  | (24,963 | )
Prepaid expenses and other assets | 259 |  |  | 66 |  |  | (6,217 | ) |  | — |  |  | (5,892 | )
Accounts payable | 2,757 |  |  | (4,841 | ) |  | 12,799 |  |  | — |  |  | 10,715 |
Accrued expenses | 2,073 |  |  | (5,652 | ) |  | 8,831 |  |  | — |  |  | 5,252 |
Other noncurrent liabilities | 874 |  |  | — |  |  | 1,099 |  |  | — |  |  | 1,973 |
Income taxes payable (refundable) | (7,737 | ) |  | 542 |  |  | 9,223 |  |  | — |  |  | 2,028 |
Net cash flows from operating activities | 29,093 |  |  | (3,241 | ) |  | 42,295 |  |  | 151 |  |  | 68,298 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |
Purchase of property, plant and equipment | (8,126 | ) |  | (3,351 | ) |  | (14,706 | ) |  | — |  |  | (26,183 | )
Proceeds from sale of assets | 21 |  |  | 11 |  |  | 858 |  |  | — |  |  | 890 |
Proceeds from settlement of net investment hedge | 5,123 |  |  | — |  |  | — |  |  | — |  |  | 5,123 |
Other, net | (8,313 | ) |  | 6,604 |  |  | (607 | ) |  | (151 | ) |  | (2,467 | )
Net cash flows from investing activities | (11,295 | ) |  | 3,264 |  |  | (14,455 | ) |  | (151 | ) |  | (22,637 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |
Net borrowings under short-term agreements | — |  |  | — |  |  | (369 | ) |  | — |  |  | (369 | )
Principal payments on long-term borrowings |  |  |  | — |  |  | (434 | ) |  | — |  |  | (434 | )
Dividends paid | (16,913 | ) |  | — |  |  | — |  |  | — |  |  | (16,913 | )
Dividends to noncontrolling interest | — |  |  |  |  |  | (2,889 | ) |  | — |  |  | (2,889 | )
Intercompany dividends | 22,662 |  |  | — |  |  | (22,662 | ) |  | — |  |  | — |
Intercompany interest on long-term note | — |  |  | (5,669 | ) |  | 5,669 |  |  | — |  |  | — |
Intercompany capital contribution | (3,785 | ) |  | 3,785 |  |  | — |  |  | — |  |  | — |
Proceeds from exercises under stock plans | 10,168 |  |  | — |  |  | — |  |  | — |  |  | 10,168 |
Purchase of common treasury shares - stock plan exercises | (3,056 | ) |  | — |  |  | — |  |  | — |  |  | (3,056 | )
Net cash flows from financing activities | 9,076 |  |  | (1,884 | ) |  | (20,685 | ) |  | — |  |  | (13,493 | )
Effect of exchange rate changes on cash and cash equivalents | — |  |  | 212 |  |  | 15,894 |  |  | — |  |  | 16,106 |
Net change in cash and cash equivalents | 26,874 |  |  | (1,649 | ) |  | 23,049 |  |  | — |  |  | 48,274 |
Cash and cash equivalents—beginning of year | 67,225 |  |  | 6,071 |  |  | 326,652 |  |  | — |  |  | 399,948 |
Cash and cash equivalents—end of period | $ | 94,099 |  |  | $ | 4,422 |  |  | $ | 349,701 |  |  | $ | — |  |  | $ | 448,222 |
(8) GUARANTOR/NON-GUARANTOR FINANCIAL INFORMATION (Continued) CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS For the Twenty-six Weeks Ended June 25, 2016
| Parent |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total
Cash flows from operating activities: |  |  |  |  |  |  |  |  |
Net earnings | $ | 74,995 |  |  | $ | 26,187 |  |  | $ | 32,539 |  |  | $ | (56,108 | ) |  | $ | 77,613 |
Adjustments to reconcile net earnings to net cash flows from operations: |  |  |  |  |  |  |  |  |
Depreciation and amortization | 13,705 |  |  | 6,591 |  |  | 20,508 |  |  | — |  |  | 40,804 |
Noncash loss on trading securities | — |  |  | — |  |  | 1,035 |  |  | — |  |  | 1,035 |
Stock-based compensation | 4,201 |  |  | — |  |  | — |  |  | — |  |  | 4,201 |
Defined benefit pension plan expense | — |  |  | — |  |  | 959 |  |  | — |  |  | 959 |
Contribution to defined benefit pension plan | — |  |  | — |  |  | (712 | ) |  | — |  |  | (712 | )
Increase in restricted cash - pension plan trust | — |  |  | — |  |  | (13,652 | ) |  | — |  |  | (13,652 | )
Loss (gain) on sale of property, plant and equipment | (6 | ) |  | 60 |  |  | 1,020 |  |  | — |  |  | 1,074 |
Equity in earnings in nonconsolidated subsidiaries | (47,218 | ) |  | (7,859 | ) |  | — |  |  | 55,077 |  |  | — |
Deferred income taxes | 3,487 |  |  | — |  |  | (1,272 | ) |  | — |  |  | 2,215 |
Changes in assets and liabilities: |  |  |  |  |  |  |  |  |
Receivables | 386 |  |  | 8,185 |  |  | (5,629 | ) |  | — |  |  | 2,942 |
Inventories | (8,757 | ) |  | (164 | ) |  | (21,974 | ) |  | 1,560 |  |  | (29,335 | )
Prepaid expenses | (1,504 | ) |  | 35 |  |  | (3,390 | ) |  | — |  |  | (4,859 | )
Accounts payable | (13,469 | ) |  | (79 | ) |  | 14,978 |  |  | — |  |  | 1,430 |
Accrued expenses | (4,040 | ) |  | (6,158 | ) |  | (3,438 | ) |  | — |  |  | (13,636 | )
Other noncurrent liabilities | 868 |  |  | 5 |  |  | (546 | ) |  | — |  |  | 327 |
Income taxes payable (refundable) | 19,033 |  |  | (16,499 | ) |  | 6,982 |  |  | — |  |  | 9,516 |
Net cash flows from operating activities | 41,681 |  |  | 10,304 |  |  | 27,408 |  |  | 529 |  |  | 79,922 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |
Purchase of property, plant and equipment | (1,240 | ) |  | (13,167 | ) |  | (11,612 | ) |  | — |  |  | (26,019 | )
Proceeds from sale of assets | 58 |  |  | 141 |  |  | 1,628 |  |  | — |  |  | 1,827 |
Other, net | 918 |  |  | 2,641 |  |  | (4,638 | ) |  | (529 | ) |  | (1,608 | )
Net cash flows from investing activities | (264 | ) |  | (10,385 | ) |  | (14,622 | ) |  | (529 | ) |  | (25,800 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |
Net borrowings under short-term agreements | — |  |  | — |  |  | 2,593 |  |  | — |  |  | 2,593 |
Principal payments on long-term borrowings | (215 | ) |  | — |  |  | (444 | ) |  | — |  |  | (659 | )
Dividends paid | (17,098 | ) |  | — |  |  | — |  |  | — |  |  | (17,098 | )
Dividends to noncontrolling interest | — |  |  | — |  |  | (1,923 | ) |  | — |  |  | (1,923 | )
Purchase of noncontrolling interest | (137 | ) |  | — |  |  | (10,872 | ) |  | — |  |  | (11,009 | )
Proceeds from exercises under stock plans | 5,975 |  |  | — |  |  | — |  |  | — |  |  | 5,975 |
Purchase of treasury shares | (28,621 | ) |  | — |  |  | — |  |  | — |  |  | (28,621 | )
Purchase of common treasury shares - stock plan exercises | (1,453 | ) |  | — |  |  | — |  |  | — |  |  | (1,453 | )
Net cash flows from financing activities | (41,549 | ) |  | — |  |  | (10,646 | ) |  | — |  |  | (52,195 | )
Effect of exchange rate changes on cash and cash equivalents | — |  |  | 95 |  |  | (6,750 | ) |  | — |  |  | (6,655 | )
Net change in cash and cash equivalents | (132 | ) |  | 14 |  |  | (4,610 | ) |  | — |  |  | (4,728 | )
Cash and cash equivalents—beginning of year | 62,281 |  |  | 4,008 |  |  | 282,785 |  |  | — |  |  | 349,074 |
Cash and cash equivalents—end of period | $ | 62,149 |  |  | $ | 4,022 |  |  | $ | 278,175 |  |  | $ | — |  |  | $ | 344,346 |

X
- Definition This element represents the consolidated balance sheet segregating the Parent, Guarantor Subsidiaries, Non-Guarantor Subsidiaries and eliminations. + References No definition available. + Details
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- Definition This element represents the consolidated cash flow statement segregating the Parent, Guarantor Subsidiaries, Non-Guarantor Subsidiaries and eliminations. + References No definition available. + Details
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- Definition This element represents the consolidated comprehensive income segregating the Parent, Guarantor Subsidiaries, Non-Guarantor Subsidiaries and eliminations. + References No definition available. + Details
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- Definition This element represents the consolidated results of operations segregating the Parent, Guarantor Subsidiaries, Non-Guarantor Subsidiaries and eliminations. + References No definition available. + Details
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- References No definition available. + Details
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